Hyundai Motor net annual profit passed the KRW5 trillion mark for the first time in 2010 boosted by improving performances from overseas operations, the automaker said.
The 2010 net profit soared 77.8% year on year to KRW5.27 trillion (US$4.73b) while operating profits rose 44.4% to KRW3.23 trillion.
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The company attributed the increase in operating profits to a fall in marketing costs brought on by improving brand image and recognition, the Korea Herald said.
Hyundai’s sales increased 15.4% to KRW 36.77 trillion as new products offset the won’s strength, the company said.
Global unit sales rose 7.4% to 1.73 m. Overseas sales 17.8% though domestic sales slipped 6.2%.
China sales – Hyundai has local assembly there – broke the 500,000 unit mark while sales in India – home to a domestic and export manufacturing plant – rose above 600,000 units for the first time, aided by models developed for the plant’s markets.
Sales in the US, where Hyundai opened a plant in Alabama a few years ago and affiliate Kia recently opened one in Georgia, also came in at over 500,000 units last year aided by the latest Sonata, the company said.
The company also saw significant sales improvements in the Middle East last year. Sales in the region jumped 47% to 261,000 units, breaching the 200,000 unit mark for the first time.
Hyundai and Kia together form the world’s fifth-largest carmaking group by sales.
